TCS board for retirement benefits to directors
IT major Tata Consultancy Services has proposed retirement benefits for its Managing Director and whole time directors provided they do not engage in any business competing with the business of the company.
By PTI |
MUMBAI: IT major Tata Consultancy Services has proposed retirement benefits for its Managing Director and whole time directors provided they do not engage in any business competing with the business of the company.
The board of directors of the company has already approved the scheme for payment of retirement benefits to the effect but has decided to seek shareholders' approval at the annual general meeting of the company scheduled for June 29, "as a measure of good corporate practice."
The notice sent to the shareholders by the company said that S Ramadorai who is the Managing Director of the company may be deemed to be interested in the resolution.
The company has recommended the resolution for approval.
The retirement benefits to directors would be at the discretion of the board in each individual case on the recommendation of the remuneration committee of the board.
The benefits may include monthly payment related to the last drawn salary and residential accomodation only for the Managing Director or monetary compensation in lieu of accomodation.
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